Abstract: The company's strategy and financial decisions in the context of economic uncertainty not only are related to the future development of the company and but also have great impact on the macroeconomic growth. Based on the sample data of A-share listed companies in Shanghai and Shenzhen in 2003-2016, this paper finds that macroeconomic uncertainties have significantly increased the financial flexibility of companies based on liquidity demand, whereas diversification has reduced financial flexibility reserves. Further study by including both macroeconomic uncertainties and diversification reveals that diversification has significantly eased the financial needs of macroeconomic uncertainties for corporate financial flexibility. The above results consistently show that when micro-enterprises face macroeconomic uncertainties, they can actively respond to or circumvent possible negative impacts of macro-economic uncertainty by selecting appropriate corporate strategies and financial decisions,which can not only help micro-enterprises continue to develop,but also is conducive to the steady growth of the macro economy.

Key words: Macroeconomic Uncertainty, Diversification, Financial Flexibility

摘要： 经济不确定性下的公司战略与财务决策关乎企业未来发展,又反作用于宏观的经济增长。本文基于2003~2015沪深两市A股上市公司样本数据,研究发现:宏观经济不确定性明显加大了企业基于流动性需求的财务柔性;而多元化经营则减少了财务柔性储备。同时纳入宏观经济不确定性与多元化经营的结果发现,多元化经营明显缓解了宏观经济不确定性对公司财务柔性的资金需求。上述结果一致表明,当微观企业面临宏观经济不确定性时,通过选择合适的公司战略与财务决策来积极应对或规避宏观经济不确定性的可能负面影响,在帮助微观企业持续发展的同时,亦利于宏观经济的平稳增长。

关键词: 宏观经济不确定性, 多元化, 财务柔性